The Wall Street Journal reports on the Donald Trump’s Trump Organization and a partnership of Kushner Cos. and KABR Group of New Jersey plans for a 447-unit rental apartment building in Jersey City that will be named Trump Bay Street, according to people involved in the project.
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Trump Bay Street will be next to Trump Plaza Residences, a 55-story condominium completed about six years ago by developer Dean Geibel, who had a licensing deal with Mr. Trump. Sales at that project started slow because of the financial crisis, but the building eventually sold out.
The Trump Bay site went through a series of owners during the recession before being purchased by the Kushner and KABR partnership. Kushner was encouraged to use the Trump name by the success of the Trump Plaza, a company spokesman said.
“We hope that the second tower, the Trump Bay Street, will do just as well, if not better, providing great housing with a variety of amenities for the high-scale marketplace,” the spokesman said.
The Trump name has global recognition, but the Kushner family also is well-known in the New York region and has extensive holdings. Kushner Cos. was founded by Jared Kushner’s father, Charles Kushner.
Today, the family business has become a major player in New York real estate and publishing under the leadership of 33-year-old Jared Kushner. He purchased the New York Observer newspaper in 2005; in 2007, his family purchased 666 Fifth Ave. for $1.8 billion, at the time the highest price ever paid for a U.S. office building.
